There is a problem with account transfers in different currencies.

I agree as well, the exchange rate information should be included in the transaction object itself, since all transfers on a given day may not be at the exact same rate.

There are many related posts on here about additional metadata for transactions, transfers, etc. Keep those improvements coming! :)

I do not understand how to get Buxfer to transfer using the exchange rate.

Agreed - definitely need to be able to set the conversion rate on each transaction - its pretty rare that multiple transactions will attract the same conversion rate. Seems like keeping track of my travel finances is going to be a headache.

Anybody got a good way of getting around this limitation in Buxfer.

And Buxfer, i believe you've released a half-baked solution. Really your multi-currency solution is useful only to peope who make a single conversion transaction - which at a guess is a small number of people. Would love to see this sorted soon.

Buxfer, hello! Any updates? More than 6 months passed...

I'm surprised to find this problem is still present, after being raised 6 months ago.

hi Sheshank...

Thanks for following this up.. i believe this is a massive problem with buxfer for those of us (trying to) use it for multiple currencies.

The problem lies in the fact that currencies change, however buxfer only allows 1 conversion rate. so if i buy 100 USD at AU$1.25 each, and create an account (say US Dollars Cash) in buxfer for this, i can set the exchange rate to 1.25, which is fine. However, what if the next time I buy US dollars, I pay $1.10 per US Dollar? As buxfer currently stands, I either need to create a separate account so i can enter the new transaction rate, or add an extra transaction to account for the difference in rates.

I think what you need to do to fix this is put a conversion rate on transactions where money is being converted (eg: withdrawals, money transfers, etc)... you'd probably need to add a source currency and destination currency (or use the accounts for this - that would still work), and then have a 'conversion rate' option so that we can ensure our currency conversions record correctly, and our balances are correct.

I recently went travelling through south east asia, and i just can't use buxfer to keep track of my travel expenses because it makes a big mess of it.. so i have a separate system to manage that.. .its far from ideal.

Please fix this Buxfer...

Cheers
Greg

no it seems quite the same to me... see point 2 in the original post - exactly the same as what i suggested in my post (a per-transaction conversion rate)

ummm... how can you do a currency conversion without a transfer??

Still the same problem for me.
Any solution?

Also when you import the transfers between diferent accounts, the system do not recognice them and also the exchange is not applied right.

Critical for me. I cannot use buxfer as i have multiple accounts with multiple currencies.

Thanks

Me too.

If I transferred money from a GBP account to an AUD account a year ago the amount shouldn't ever change, regardless of the exchange rate today.

Many personal finance packages don't even use an exchange rate as such for these cross-currency transactions. It's easier to simply have the user enter in the values manually, and these values are remembered forever without being retranslated.

The current exchange rate should only be used to calculate my net assets / liabilities so that I have everything in one currency.

Agreed with all of this; I'm evaluating apps like this atm and this is a deal breaker for me (as I'm constantly transferring money across one ocean or another) which REALLY makes me sad because Buxfer, so far, is my favorite system of the lot (wes, yodl, etc)

If I might make a suggestion, this is what I think the transfer screen should look like (see attached image).



Note that I've added some fields, including wire fees and wire fee tags. I've done this because it's nearly impossible for you to transfer money across an ocean without paying wire fees (I want to track these too and I don't want them reflected in the currency rate conversion).

So in my example (see image) I initiated the transfer on Aug 29, 2009 for and $3020 is coming out of my account; but I paid $20 in wire fees so I'm actually only transferring $3000 to the UK.

The wire arrived on Sept 3, 2009 (because when you wire money, it's never taken from the source account and deposited in the destination account on the same day) and was for £1643.83 (GBP) [the form should check to ensure that 'to date' >= 'from date'].

I'd also like the form to allow me to enter in either the 'to amount' or the currency amount (which would take the 'from amount' - 'fees amount' * 'currency rate') OR the final 'to amount' (which would calculate the currency rate as 'from amount' - 'fees amount' / 'to amount').

Until Buxfer properly handles international transfers, I simply can't use it, which makes me sad because it appears to be the best of breed right now.

Cheers,
Dave.